China's Poly Real Estate first quarter net triples

SHANGHAI, April 15 (Reuters) - Chinese property developer Poly Real Estate Co (600048.SS: Quote, Profile, Research, Stock Buzz) said on Tuesday first-quarter profit more than tripled from a year earlier because part of last year's sales was settled during the first three months.

The more-than-230-percent jump in unaudited net income was also helped by company consolidations, Poly said in an exchange filing.

Poly posted 78.14 million yuan ($11 million), or 0.07 yuan net profit per share in the first quarter of last year. It will announce its 2008 first-quarter earnings on April 18.

Chinese companies are required to make earnings forecasts if they expect their profit to rise or fall by more than 50 percent.

In the first quarter, Poly's sales rose 8.48 percent to 2.59 billion yuan.

(US$1=7.00 Yuan)

(Reporting by Samuel Shen; Editing by Keiron Henderson)